Fed + ECB + PBOC + BoJ vs. Bitcoin It's not a perfect correlation: central bank balance sheets vary dramatically in size, timing, and the unique idiosyncrasies of each market, and of course Bitcoin inflows are often anticipated by the market or recognized with a lag. Precise scaling is impossible, but the relationship shows a clear regime of reasonable correlation, fundamentally driven by fiat debasement, with Bitcoin providing meaningful asymmetric upside as both a hedge and a way to capture that tailwind.

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